SourcePut open interest divided by call open interest
As ofCboe delayed snapshot Nov 10, 9:00 PM ET
How13 put contracts / 75 call contracts = 0.17 for the 2027-05-21 expiration. Open interest is published once a day, before the open, so it describes the previous session.
Too thin to read: 88 open contracts across 24 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Event risk before this expiration:Jobs report Fri, Dec 4 · FOMC decision Wed, Dec 9 · CPI release Thu, Dec 10 — macro releases historically overwhelm pinning effects; max pain reads weakest in event weeks.
Too thin to read: 88 open contracts across 24 strikes. Max pain, walls and gamma print from 100 contracts across 5 strikes.
Open interest by strike · Fri, May 21
■ calls (up)■ puts (down)H open contracts per strike for Fri, May 21.
Open-interest change: building vs unwinding
Needs two observed snapshot days for this expiration; the comparison appears automatically once the next weekday snapshot lands. We diff real observations only; nothing is estimated.
Volume by strike · Fri, May 21
■ calls (up)■ puts (down)Today's traded contracts per strike (delayed).
Implied volatility by strike · Fri, May 21
— call IV— put IVATM ≈ 36.8% · Quoted strikes only; illiquid wings with junk fits are dropped, not smoothed.
Greeks by strike · Fri, May 21
Call Δ
Call Θ
Strike
Γ
Vega
Put Θ
Put Δ
0.82
-0.03
155
0.0046
0.36
-0.04
-0.18
0.79
-0.03
160
0.0051
0.39
-0.04
-0.21
0.76
-0.04
165
0.0056
0.42
-0.04
-0.24
0.73
-0.04
170
0.0060
0.45
-0.04
-0.27
0.70
-0.04
175
0.0065
0.48
-0.05
-0.30
0.67
-0.04
180
0.0069
0.50
-0.05
-0.34
0.63
-0.04
185
0.0072
0.52
-0.05
-0.38
0.59
-0.05
190
0.0076
0.54
-0.05
-0.42
0.55
-0.05
195
0.0078
0.55
-0.05
-0.46
0.51
-0.05
200
0.0079
0.55
-0.05
-0.50
0.44
-0.05
210
0.0079
0.55
-0.05
-0.58
0.24
-0.04
240
0.0065
0.44
-0.04
-0.80
0.20
-0.03
250
0.0057
0.39
-0.03
-0.85
0.16
-0.03
260
0.0050
0.34
-0.02
-0.90
Quoted contract greeks from the delayed feed (not modeled here); the highlighted row is nearest to spot. Showing 14 strikes around the money — all 24 are in the CSV. Δ per $1 of underlying · Θ per day · vega per IV point.
Stacked — layer the expirations
Call open interest per strike, stacked across the checked expirations — each color is one expiry. Strikes are pruned to the liquid center of each chain.
Max pain is arithmetic, not prophecy: the settle price that would minimize what option writers pay out at expiration, computed from open interest alone. Prices sometimes gravitate toward heavy strikes into expiry — dealer hedging is a real flow — but the evidence that max pain predicts settlement better than chance is mixed, and we are not going to pretend otherwise. Use it as a map of where positioning is stacked, next to the fundamentals and the earnings calendar, not as a target.
Max pain, walls and gamma print only when an expiration holds at least 100 open contracts across 5 strikes, and max pain also needs to stay within 5% of spot when its single heaviest strike is removed. Below that the expiration reads as thin rather than printing a level one trade could move.
Data: Cboe delayed public feed (~15 minutes), refreshed here about every 15 minutes. Open interest itself updates once daily, before the open. Educational information, not investment advice.